New Zealand’s Financial Advice Code Working Group has opened consultation on a draft code of professional conduct for financial advisers.

“We encourage feedback from all parties who will be affected by the code, including anyone who is representative of the financial advice industry, as well as consumers of financial advice,” working group Chairman Angus Dale-Jones said.

The code is “technology-neutral” and will apply to robo-advice. It sets out 12 proposed standards and supporting commentary.

It includes requirements to treat clients fairly and act in their interests, act with integrity, manage conflicts of interest, ensure clients understand their advice, give suitable advice and meet standards of competence, knowledge and skill.

The code will sit within a wider regulatory regime including statutory duties, disclosure requirements and licensing.

Mr Dale-Jones says the group aims to create a “workable and robust” code that will help ensure the availability and quality of financial advice.

“Our role in developing the code is to set minimum standards of ethical behaviour, conduct and client care, and competence, knowledge and skill that will apply to anyone who gives financial advice to a retail client,” he said.

Submissions will close on Friday November 9. For more information, click here.